Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Banking customers looking to switch their current account will find a variety of cash switching perks on offer today to entice them, but some offers will vanish over the next three weeks. Current account providers launched free cash perks for customers who switch using the Current Account Switcher Service (CASS), however, some gave just a small window of opportunity for customers to apply, such as HSBC which gave consumers 14 days. One of the biggest cash perks on a current account which does not charge an account fee is for £130 with first direct, which is due to expire at midnight. In the weeks to come, so too will the £125 offer from Halifax and £100 offer from NatWest disappear.

“Those looking to get a better overall package with their current account will not only find Santander’s £130 switching cash offer appealing, but the 123 Current Account also boasts 1-3% cashback on selected household bills and Santander home or life insurance premiums and it pays 0.30% AER credit interest on balances up to £20,000, all for a £4 per month fee. Virgin Money currently offers a different upfront perk to those who switch to its Virgin Money M Plus Account; a £150 Experience Days gift card or a free luxury 12-bottle case of wine from Virgin Wines. Another bank to launch a different incentive for switchers recently was Barclays Bank, depending on the type of account pack add-on that is taken, they will provide a free trial of a variety of Apple entertainment with Apple One, for up to five months. However, like many cash perks, this offer will be withdrawn within the next three weeks on 12 December.

“The festive season draws ever closer, so some consumers may be considering a quick switch using the CASS for a free cash perk, but it is vital they choose an account which will work hard for them. Weighing up any incentives and fees, such as an overdraft tariff is important, and consumers must be confident to utilise any perks if an account charges a fee.”